Pensions at a Glance 2017
OECD and G20 Indicators
The 2017 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the last two years. Moreover, one special chapter focuses on flexible retirement options in OECD countries and discusses people’s preferences regarding flexible retirement, the actual use of these programs and the impact on benefit levels.
This edition also updates information on the key features of pension provision in OECD countries and provides projections of retirement income for today’s workers. It offers indicators covering the design of pension systems, pension entitlements, the demographic and economic context in which pension systems operate, incomes and poverty of older people, the finances of retirement-income systems and private pensions.
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Gross replacement rates: public vs private, mandatory vs voluntary schemes
Private pensions play large role in about half of OECD countries. For mandatory schemes, the OECD average for gross replacement rates of an average earner from public schemes alone is 41%, compared with 53% with private pensions included. When voluntary private pensions are taken into account, the OECD average increases to 59%. For the eight OECD countries where voluntary private pensions are widespread the average replacement rate is 63% for an average earner choosing to contribute compared with 37% when only mandatory schemes are considered.
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